This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

The post Haryana RERA mandates builders to file annual reports within 30 days appeared first on .

Of these, approximately 130 cases have been directed to the adjudicating officer at the Lucknow office, while about 120 cases have been assigned to the Gautam Budh Nagar office.

This action follows a review conducted by Sanjay Bhoosreddy, Chairman of UP-RERA, who assessed the compliance status of orders issued in response to complaints from property allottees.

The review revealed that many promoters were deliberately delaying the delivery of possession to allottees, even though there were explicit orders for them to do so within a specified period.

In response to these delays, UP-RERA has empowered the adjudicating officers to ensure that registered sale deeds and the delivery of possession are carried out following the provisions of Rule 24 of the UP-RERA Rules, 2018.

Under this rule, adjudicating officers hold the authority of the Code of Civil Procedure (C.P.C.), which they will utilize to accelerate the transfer of possession and the execution of sale deeds. Furthermore, these officers can attach properties and appoint receivers to enforce compliance with the orders.

To increase the pace of action, Chairman Bhoosreddy has now established a system whereby any case in which a promoter fails to provide possession as ordered by RERA will be automatically referred to the court of the adjudicating officers by the secretary, with the chairman’s approval. This process aims to ensure that all such cases are promptly addressed without unnecessary delays.

Bhoosreddy strongly disapproved of promoters who fail to deliver possession to allottees despite clear orders from RERA. He emphasized his commitment to regularly monitoring the status of these cases and implementing all necessary measures to protect the interests of the allottees.

He further stated that UP-RERA would take stringent actions against non-compliant promoters to uphold the authority’s decisions.

The adjudicating officers are now responsible for conducting effective and timely proceedings to ensure that sale deeds are executed and possession is delivered without further delay. These officers will play a critical role in upholding the allottees’ rights by ensuring promoters adhere to their commitments.

Moreover, UP-RERA has resolved that in every case referred to the adjudicating officers for ensuring possession delivery, it will impose substantial penalties on defaulting promoters.

UP-RERA will also work in coordination with the district magistrate to ensure the recovery of penalty amounts from the promoters who fail to comply with the orders. This measure aims to deter any future delays and reinforce the importance of adhering to RERA’s directives.

The post UP-RERA Refers 250 Possession-Related Cases to Adjudicating Officers’ Courts. appeared first on .

In addition, UP-RERA has mandated that all industrial and housing development authorities must specify the names of the relevant towers or blocks for which a part-C.C. or O.C. is being issued. This should be done alongside listing the names of all towers or blocks within the project or project phase.

The authority has noticed that competent authorities have been issuing part-C.C. or O.C. documents with project particulars that do not match the names provided by promoters during RERA registration or in the sale agreements (BBA) between promoters and homebuyers.

Sanjay Bhoosreddy, Chairman of UP-RERA, stated, “It has come to our attention that the names of completed towers, blocks, or units listed in part-C.C.s or O.C.s issued by some planning authorities do not match the names given by promoters to UP-RERA at registration.

This discrepancy creates doubts among homebuyers and the regulatory authority. With due diligence at the planning authorities’ level, this issue can be easily resolved.”

These mismatched part-C.C.s or O.C.s cause homebuyers to question the completion status of their units or towers when it comes to executing conveyance deeds and taking possession.

To avoid these issues, UP-RERA has advised planning authorities to obtain the marketing names of the project, its towers, and blocks, along with the number of units from the promoter.

This information should be included in the application for map sanctioning and when granting completion or occupancy certificates. This approach aims to eliminate any doubts regarding the project’s or its towers’ and blocks’ completion status.

The post UP-RERA Directs Authorities to Halt Issuance of Temporary Occupancy Certificates appeared first on .

The regulator, which started registering middlemen for real estate transactions in 2017, has 47,000 agents registered in total.13,785 agents had their registrations canceled earlier this year for failing to renew their licenses.

An official estimates that approximately 5,500 new applicants will probably show up for the test in order to register as agents the following month.

It further said that the licenses of these 20,000 agents may be renewed if they completed their training, obtained their certificates of competency, and uploaded them to the internet within a year.

About 5,500 new applicants are anticipated to show up for the exam in order to register as agents next month, according to an official.

Ajoy Mehta, the chairman of the organization, stated that agents must be familiar with the Real Estate (Regulation and Development) Act, 2016 regulations because they have a significant role to play.

MahaRERA has mandated that agents complete the required training, pass the test, and become certified. This decision was made on January 10, 2023, and it was postponed several times until going into effect on January 1, 2024, for all agents, the spokesperson stated.

He warned that if developers continue to work with untrained agents, the regulator will not hesitate to remove their registration. Approximately 20,000 agents are currently functioning without proper qualifications, and their approval has been stopped.

The post 20,000 real estate agents’ registrations are suspended by MahaRERA. appeared first on .